HomeMy WebLinkAboutLegislationCity of Miami
Legislation
Resolution
City Hall
3500 Pan American
Drive
Miami, FL. 33133
www,ci.miami.fl.us
File Number: 06-01105 Final Action Date:
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
APPROVING AND ADOPTING THE "MASTER SWAP POLICY," ATTACHED AND
INCORPORATED, GOVERNING INTEREST RATE SWAPS BY THE CITY OF
MIAMI; PROVIDING THAT THE MASTER SWAP POLICY SHALL NOT
SUPERSEDE ANY APPLICABLE PROVISION OF THE CHARTER OR CODE OF
THE CITY OF MIAMI, FLORIDA, AS AMENDED.
WHEREAS, interest rate swap transactions can be a useful tool in the City of Miami's ("City's")
asset/liability and debt management strategy; and
WHEREAS, by utilizing interest rate swaps, the City can expeditiously take advantage of market
opportunities to reduce costs, manage asset and liability interest rate risk, balance financial risk, and
achieve debt management goals and objectives through synthetic fixed rate and variable rate financing
structures; and
WHEREAS, on June 6, 2006, the City's Finance Committee reviewed and approved the attached
Master Swap Policy governing interest rate swaps; and
WHEREAS, the Miami City Commission wishes to implement the attached Master Swap Policy;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted
by reference and incorporated as if fully set forth in this Section.
Section 2. The "Master Swap Policy," attached and incorporated, governing interest rate
swaps by the City, is approved and adopted.
Section 3. The "Master Swap Policy" shall not supersede any applicable provision of the
Charter or Code of the City of Miami, Florida, as amended.
Section 4. This Resolution shall become effective immediately upon its adoption and signature
of the Mayor.{1}
APPROVED AS TO FORM AND CORRECTNESS:
JORGE L. FERNANDEZ
CITY ATTORNEY
City of Miami Page 1 of 2 Printed On: 7/3/2006
File Number: 06-01105
Footnotes:
{1} If the Mayor does not sign this Resolution, it shall become effective at the end of ten calendar days
from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become
effective immediately upon override of the veto by the City Commission.
City of Miami Page 2 of 2 Printed On: 7/3/2006